With the franchise tag deadline looming at 4 p.m. ET today, the Baltimore Ravens will have a critical decision to make on left tackle Eugene Monroe.

NFL Media Insider Ian Rapoport reported Monday the sides have made no real progress on getting a new contract done. Given the Ravens' salary cap space, the franchise tag still looms as a considerable option, per a source informed of the team's thinking.

It remains uncertain whether the Ravens will tag Monroe, but they have considered the possibility.

The tag for offensive tackles sits at $11.645 million. It is a good chunk of the payroll, especially for a team that has other holes it needs to fill.

While tagging Monroe might be an expensive pill to swallow in the short term, it ensures the Ravens keep the best available tackle as they remake a porous line. The tag would give the team leverage to work out a long-term contract for the young offensive lineman.

If the sides remain far apart throughout the day and the team decides it doesn't want to tag Monroe, they'll end up in a bidding war with the likes of the Miami Dolphins and Arizona Cardinals, which won't make him any cheaper to retain.

Without Monroe in the fold, it will be that much more difficult for general manager Ozzie Newsome to upgrade his offensive line.